Loan Repayment and Extension

RNS Number : 0821Y

Rurelec PLC

07 May 2019

 

7 May 2019

Rurelec PLC

("Rurelec" or the "Company")

Bridge Properties (Arena Central) Limited Loan Repayment and Extension

Further to the announcement of 27 February 2019, the Directors of Rurelec PLC (AIM: RUR) announce that today they made a further principal repayment of £200,000 on the remaining temporary loan facilities provided by Bridge Properties (Arena Central) Limited ("BPAC"). The amount of principal now outstanding is £640,817. The remaining outstanding facility which fell due on 30 June 2019 was extended to 30 June 2020 on 2 May 2019. As part of the terms of this extension, an additional 1% increase in the interest rate (taking the total interest rate to 13.5%) will be applied with effect from 1 July 2019 and there will be a £15,000 extension fee applied if the loan is not repaid in full by 31 December 2019

At the same time, the management of Energia del Sur, S.A. ("EdS") has notified Rurelec PLC that they intend repaying the outstanding loan owed to Rurelec Project Finance Limited ("RPFL") in full by 30 June 2019. The current outstanding amount owed is US $137,000 together with agreed fees of $157,000.  EdS also has notified their intention to repay an unsecured debt of $650,000 to Rurelec PLC, although there can be no guarantee that these repayments will occur

For further information please contact:

Rurelec PLC	W H Ireland (Nomad & Broker)
Simon Morris, Director Andy Coveney, Director	Katy Mitchell Lydia Zychowska
Tel: [phone]	Tel: [phone]

 

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